As you drive to school in the morning, you will probably flip through several radio stations before deciding to settle on one for the duration of the drive. For instance: you can listen to a "fair and balanced" talk show; an "intelligent talk" program; an interactive "call-in" talk show; a "self-improvement" talk show; and, even an "all sports" talk show. With so much monopolistic competition in radio programming, radio stations focus on offering you something just a little different.

Question

Quizplus · Accepted Answer

Monopolistic competition refers to a large number of sellers who produce very similar products. Buyers perceive the products to be different due to the firms' ability to differentiate themselves from each other.

As You Drive to School in the Morning, You Will